Coinbase Global, Inc. $COIN Shares Acquired by Carnegie Investment Counsel

Carnegie Investment Counsel boosted its stake in Coinbase Global, Inc. (NASDAQ:COIN) by 615.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,365 shares of the cryptocurrency exchange’s stock after buying an additional 53,652 shares during the period. Carnegie Investment Counsel’s holdings in Coinbase Global were worth $10,890,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Fifth Third Bancorp lifted its stake in shares of Coinbase Global by 274.3% in the 1st quarter. Fifth Third Bancorp now owns 33,678 shares of the cryptocurrency exchange’s stock worth $5,881,000 after acquiring an additional 24,681 shares during the period. Sovran Advisors LLC raised its holdings in Coinbase Global by 15.2% during the first quarter. Sovran Advisors LLC now owns 12,702 shares of the cryptocurrency exchange’s stock worth $2,385,000 after purchasing an additional 1,679 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Coinbase Global by 28.9% during the first quarter. Sequoia Financial Advisors LLC now owns 8,935 shares of the cryptocurrency exchange’s stock worth $1,560,000 after purchasing an additional 2,005 shares in the last quarter. Arbor Capital Management Inc. ADV lifted its position in Coinbase Global by 24.0% in the first quarter. Arbor Capital Management Inc. ADV now owns 7,873 shares of the cryptocurrency exchange’s stock worth $1,419,000 after purchasing an additional 1,525 shares during the period. Finally, Whipplewood Advisors LLC acquired a new stake in Coinbase Global in the first quarter worth approximately $175,000. Institutional investors and hedge funds own 68.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler lowered their price target on Coinbase Global from $180.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, May 8th. BTIG Research restated a “buy” rating and issued a $280.00 price objective on shares of Coinbase Global in a report on Wednesday, June 17th. Weiss Ratings raised Coinbase Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 29th. JPMorgan Chase & Co. lifted their target price on Coinbase Global from $252.00 to $290.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Finally, Oppenheimer cut their price target on shares of Coinbase Global from $227.00 to $224.00 in a report on Friday, May 8th. Eighteen investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $251.79.

Insiders Place Their Bets

In related news, insider Paul Grewal sold 1,960 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total transaction of $346,684.80. Following the transaction, the insider directly owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. The trade was a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Lawrence J. Brock sold 6,616 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $189.01, for a total value of $1,250,490.16. Following the completion of the sale, the insider directly owned 517 shares of the company’s stock, valued at approximately $97,718.17. This represents a 92.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 40,647 shares of company stock valued at $7,331,841 over the last quarter. 16.66% of the stock is owned by insiders.

Coinbase Global Price Performance

COIN stock opened at $159.07 on Monday. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.14 and a quick ratio of 2.14. The firm has a market capitalization of $41.91 billion, a P/E ratio of 59.80, a P/E/G ratio of 6.10 and a beta of 3.35. Coinbase Global, Inc. has a 52-week low of $139.18 and a 52-week high of $444.64. The company’s 50 day simple moving average is $173.89 and its 200-day simple moving average is $189.48.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings data on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the business posted $0.24 EPS. The company’s revenue for the quarter was down 30.5% on a year-over-year basis. As a group, equities research analysts anticipate that Coinbase Global, Inc. will post 1.75 EPS for the current year.

Coinbase Global News Roundup

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase gained sympathy buying after Circle received OCC approval to launch a national trust bank, reinforcing a more constructive regulatory backdrop for crypto-related firms. Coinbase Stock Trades Higher After Circle Receives OCC Approval to Open National Trust Bank
• Positive Sentiment: Citizens JMP raised its price target on Coinbase to $325 and kept an outperform rating, which supports the idea that Wall Street still sees significant upside from current levels. Coinbase Global (NASDAQ:COIN) Given New $325.00 Price Target at Citizens Jmp
• Positive Sentiment: Bitcoin strength and reports of a rising “Coinbase Premium” suggested renewed U.S. crypto demand, which can boost Coinbase trading activity and investor expectations for volume-driven revenue. Bitcoin whales sent BTC price to $64K as Coinbase Premium broke key level: CryptoQuant
• Positive Sentiment: Coinbase also received attention for a UK authorization that could help it expand into a broader “everything exchange” offering, a potential long-term growth catalyst. Coinbase UK License Marks Major Step Toward Bringing ‘Everything Exchange’ to Life
• Neutral Sentiment: Analysts and market commentary continued to highlight Coinbase as a high-profile crypto proxy, keeping the stock in focus for traders, but these pieces were more commentary than fresh fundamental news. Is Trending Stock Coinbase Global, Inc. (COIN) a Buy Now?
• Neutral Sentiment: Coinbase’s chief legal officer, Paul Grewal, is stepping down after a successful tenure, but the company said the transition is orderly and succession plans are already in place. Coinbase restores prediction markets trading after technical issue
• Negative Sentiment: Recent analyst updates were mixed, with Barclays cutting its price target to $99 and maintaining an underweight rating, showing that not all analysts are bullish on the stock’s valuation and earnings outlook. Coinbase Global had its price target lowered by Barclays PLC

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.